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No May Day For Spring Mortgage Rates

Stable bond yields and central bank doubts lead to stability for fixed and variable options

May 8, 2014: Toronto, Ontario – May will bring flowers – but there’s no growth in store for the Canadian cost of borrowing. Stable bond yields and a competitive spring market lead to status quo for fixed mortgage rates in the short term. Variable mortgage rates, however, aren’t to change until 2016 as exports and inflation remain below the Bank of Canada’s forecast.

Fixed Mortgage Rates: Unchanged

The busy spring buying season is in full swing, prompting lenders to stay competitive with their rates, as Canadian buyers snap up homes in droves. This is supported by stability among government bond yields, which have not fluctuated enough to warrant any pressure placed on fixed rates in the short term.